When I see an older boat sitting that low in the water I start checking for water soaked wood or foam inside the hull.
The part of the pic that catches my eye is the fact that at rest the swim step is underwater, and the rub rail is only about 4 inches from being under water. No boat that I've ever seen has ever been designed for the top/bottom seam between the hull halves to be underwater. That's a notorious place for leaks even when not that close to the water.
If I recall correctly, that hull is just under 1200 lbs and rated for up to 150 hp, so you should be fine with the size of the motor but I don't recall seeing one sit that low.
As mentioned before, the splash well is there to take the back wash or following seas and drain them back over the transom safely but if you exceed the splash well's capacity, things get ugly fast.
While it may be ok on a good day in the bay, all it takes is one instance of bad luck and you could be in big trouble.
Personally, I wouldn't put myself into that situation.
I'd also check into the condition of that hull.